January 24, 2017
The purchase agreement on the former USA Springs, Inc. property included a ‘due diligence’ period and closing deadline. The sale has not closed, and last week the buyer requested the creditors’ consent to an extension of the deadline.
The Select Board denied the request for extension. On January 24, 2017, the Town filed a “motion for relief” with the bankruptcy court, seeking permission to take ownership of the property by tax deed. The Board believes that this is now the best way to protect the Town’s interests and recover unpaid taxes.
If the sale does not close, this filing could produce other filings and objections, and a hearing on the Town’s motion is scheduled for February 21, 2017.
Nottingham Select Board